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After concessions,1 the issue for our consideration is
whether petitioner is liable for fraud penalties under section
66632 for the 1993, 1994, and 1995 tax years.
FINDINGS OF FACT3
Petitioner is a Florida corporation, with its principal
place of business in Lakeland, Florida. Petitioner was
incorporated on August 11, 1977, but was inactive until 1981 or
1982. Petitioner was administratively dissolved on September 26,
1997, for failing to file its annual report and is no longer in
business. Gregory Golden (Mr. Golden) is petitioner’s president
and sole shareholder.
During the years at issue, petitioner was engaged in a
transportation business. Petitioner entered into contracts with
companies such as International Minerals & Chemical Corp. (IMC),
Florida Favorite Fertilizer, and United Road Builders to
transport goods and materials for them. Petitioner’s primary
1 During trial, petitioner conceded all of the unreported
income and overstated expense issues, thereby conceding the tax
deficiencies of $8,798, $34,661, and $38,206 in the 1993, 1994,
and 1995 tax years, respectively. In his brief, respondent
stated that petitioner conceded the tax deficiencies in the
amounts of $6,599, $25,996, and $28,655 for the tax years at
issue. These amounts, however, are incorrect, as they represent
the sec. 6663 penalties and not the deficiencies.
2 Section references are to the Internal Revenue Code in
effect for the years at issue, and Rule references are to the Tax
Court Rules of Practice and Procedure.
3 The stipulation of facts and exhibits attached thereto are
incorporated herein by this reference.
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